Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $7.4 million, reflecting a 21% increase compared to Q3 2024. Adjusting for a $0.5 million write-down in 2024, core revenues increased by 12% year over year [6][7] - Non-GAAP gross margin for Q3 2025 was 46%, significantly higher than the 26% reported for Q3 2024 [7][11] - Non-GAAP operating expenses were $9.7 million in Q3 2025, a 40% reduction compared to $16.1 million in Q3 2024 [7][10] Business Line Data and Key Metrics Changes - A record 8,390 flow cells were sold in Q3 2025, reflecting a 7% increase compared to the same period last year [7] - Revenue contributions from consumables and software grew 15% year over year in Q3 2025, representing 72% of the total product mix [9] Market Data and Key Metrics Changes - In Q3 2025, there were 97 new publications demonstrating the value of optical genome mapping, a 10% growth over the same period the previous year [12] - The cumulative number of clinical research genomes published reached nearly 11,500, supporting the adoption of optical genome mapping [12] Company Strategy and Development Direction - The company is focusing on transforming pathology from analog to digital, with a strategy centered on routine users who have established sample flows [4][5] - Four strategic pillars include supporting the installed base, driving software utilization, building reimbursement support, and improving profitability and scalability [5] Management's Comments on Operating Environment and Future Outlook - The company reiterated its full-year 2025 revenue guidance of $26-30 million, expecting Q4 revenues to be in the range of $7.5-$7.9 million [17][18] - Management expressed confidence in the ongoing growth of utilization among routine users, aiming for an average of low 20s samples per week across all routine users [20] Other Important Information - The company completed a $10 million public offering of common stock, enhancing its balance sheet and extending its cash runway into Q3 2026 [8] - The establishment of a second category one CPT code for optical genome mapping is seen as a significant milestone for the community [16][17] Q&A Session Summary Question: What is the potential peak level of utilization for routine use customers? - Management indicated that labs are not sample-limited and that the average utilization is about four samples per week, with a target of reaching the low 20s on average across routine users [19][20] Question: What is the current install base in Japan and its market potential? - Currently, there is one system installed in Japan, with expectations for the market to evolve similarly to the U.S. market over time, particularly in genetic diseases and cell and gene therapy [21][22] Question: Will operating expenses remain stable going forward? - Management intends to keep operating expenses flat, with some areas identified for potential investment [23]